Short Sales on Upswing in Florida

by Isaac Benmergui, Esq on March 4, 2012

Bank of America is using Florida as a proving ground by offering short sales incentives in the $5,000 to $25,000 range to Florida homeowners to judge whether or not to take the program nationwide.

Because Florida foreclosures have to go through the courts, banks find it cheaper to offer homeowner a cash deal to get out from under the mortgage in order for the bank to be able to get the property back on the market again.

Short Sale Incentives in the Tens of Thousands

Other big banks are offering cash deals as well with JP Morgan Chase’s program selling out up to $35,000; Wells’ Fargo’s program current ranges from $3,000 to $20,000.

Banks Can’t Afford Long Foreclosure Processes

Even with payouts of tens of thousands, banks find it cheaper than lengthy foreclosures, and Jim Gillespie, chief executive at Coldwell Banker says the cash incentives seem to be increasing especially in states with foreclosures that linger for months. In Florida some foreclosures take more than two years, although with new legislation that process may soon speed up.

If you think a short sale might be right for you, the law offices of Isaac Benmergui can help you with the process; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

Previous post:

Next post: